'Tariffs all the way': Trump says European Union must buy U.S. oil and gas in trade ultimatum

President-elect Donald Trump warned the European Union to reduce its trade gap with the U.S. through oil and gas purchases or face tariffs, citing a $131.3 billion deficit in 2022. EU officials mentioned energy as a potential solution, with German Chancellor Olaf Scholz speaking with Trump following a meeting on strengthening transatlantic ties. Despite threats of tariffs on trading partners, analysts are uncertain about Trump’s actual intentions and the impact on domestic inflation as he prepares to take office.

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